Life Sciences Businesses

Viscount Stansgate Excerpts

Monday 26th February 2024 Lords Chamber

[Lord Johnson of Lainston (Con)]

I totally agree with the noble Baroness. I would go further and say that one policy motor that has been successful so far is these life science investment zones, particularly in Liverpool. I had the privilege to meet with Steve Rotherham today and the metro mayors, who have been leading across the board and in Yorkshire, to find an essence of focus for the investment into these new technologies. We are doing a huge amount of work on university spin-offs as well—organisations such as Northern Gritstone and Midlands Mindforge are the absolute core of the work I am doing to get money internationally into these pools of capital.

[Viscount Stansgate (Lab)]

My Lords, my question arises out of the one just asked. Can the Minister elaborate on what the Government are doing to spread the excellent work of the life sciences in this country more evenly around the UK?

[Lord Johnson of Lainston (Con)]

I hope I have answered this to some extent. There is no limit to the amount of work that we can do to get more investment into this sector. It starts from the smallest opportunities at universities, where we can put more money into life science spin-out funds, trying to help the organisations that pool that capital, as I say. It is about trying to establish bases in London for the key life sciences funds from abroad, and working with sovereign wealth funds, the biggest pension funds and the UK pension fund industry to put money into the industry. That is an important start.